Chi­nese con­sor­tium buys stake in owner ofManch­ester City

China Daily (Canada) - - LIFE - By BLOOMBERG

A Chi­nese con­sor­tium led by China Me­dia Cap­i­tal Hold­ings is in­vest­ing $400 mil­lion in an Abu Dhabibased com­pany that owns Manch­ester City Foot­ball club, the top-ranked English Premier League team.

CMC, a Shang­hai-based pri­vate eq­uity fund that owns the broad­cast rights to the Chi­nese Su­per League, is team­ing up with CITIC Cap­i­tal Hold­ings to buy 13 per­cent of City Foot­ball Group, which also owns New York City Foot­ball Club and Mel­bourne City Foot­ball Club, ac­cord­ing to a state­ment on Tues­day. The deal val­ues City Foot­ball at $3 bil­lion.

CMC is chaired by Li Ruigang, who has led group in­vest­ments in­clud­ing a stake in IMAX China Hold­ing Inc, and tie-ups with DreamWorks An­i­ma­tion SKG Inc and Warner Broth­ers by the fund fo­cused on me­dia con­tent and sports events.

“Foot­ball is now at a fas­ci­nat­ing and crit­i­cal stage of de­vel­op­ment in China,” Li said in the state­ment.

“We see un­prece­dented growth op­por­tu­ni­ties in both its de­vel­op­ment as an in­dus­try, be­ing China’s most watched sport, and its in­spi­ra­tional role bring­ing peo­ple of all ages to­gether with a shared pas­sion.”

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